Please Route To: Head Traders; Technical Contacts; Compliance Officers; Buy-Side Contacts

What you need to know:

• NASDAQ has updated the implementation dates of NASDAQ systems integration, the NASDAQ Crossing Network and NASDAQ’s exchange operation in other exchange-listed securities.
• NASDAQ has scheduled a User Acceptance Test (UAT) for Saturday, September 30, 2006. Testing details will be communicated as they become available.

Whom you should contact: NASDAQ Market Sales at 800.846.0477.

What are the new dates for systems integration?
As announced in Head Trader Alert #2006-116, NASDAQ^® had planned to begin the systems integration of NASDAQ, Brut and INET on Monday, September 18, 2006.

NASDAQ has moved the start date of the integration to October 16, 2006, to allow for continued customer testing as well as downstream and regulatory systems enhancements.

The integration of NASDAQ-listed securities is scheduled to continue on Monday, October 23^rd and conclude on Monday, October 30^th.

The first integration phase will still consist of the previously announced 20 NASDAQ-listed securities. This list is available on the NASDAQ Trader^® website in both csv format and txt format. The remaining lists will be made available as soon as possible.

When will the NASDAQ Crossing Network be implemented?
The NASDAQ Crossing Network, previously scheduled for September 25^th, is now scheduled for Monday, November 6, 2006.

When will NASDAQ integrate NYSE-, Amex- and regional-listed securities onto the single platform?
NASDAQ plans to integrate other exchange-listed securities onto the single platform in November, upon completion of the integration of NASDAQ-listed securities. At that time, NASDAQ will also become operational as an exchange in NYSE-, Amex- and regional-listed securities.

Will I have the opportunity to test with NASDAQ prior to October 16^th?
Yes, as announced in Head Trader Alert #2006-105, NASDAQ^® has made test stocks available for testing single book functionality over NASDAQ, INET and Brut protocols and interfaces.

Please use the following two test symbols for testing NASDAQ-listed securities in the integrated system:

• ZXZZT
• ZWZZT

Please use ZZT as the test symbol for testing other exchange-listed securities.

In addition, NASDAQ has scheduled a UAT for Saturday, September 30, 2006. Additional information will be communicated as it becomes available.

Where can I get additional information?

• Contact NASDAQ Market Sales at 800.846.0477
• Refer to the NASDAQ Systems Integration page.
• Refer to the NASDAQ Crossing Network page.

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NASDAQ is the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ Trader website at www.NASDAQTrader.com.